Modifies a provision relating to brokerage services
What changed between versions
Added a specific requirement for designated brokers to enter into a written 'transaction brokerage agreement' when acting as a transaction broker and expecting compensation.
Added a new provision requiring designated brokers to enter into a written agreement with clients before acting as a dual agent.
Expanded the rules for subagency, clarifying that an affiliated licensee excluded by an appointment can still enter a subagency relationship by disclosing their status to the customer.
Added a new requirement for exclusive brokerage agreements to specify a minimum list of services the broker must provide to the client.
Removed the detailed provisions regarding the employment of unlicensed persons and the liability of brokers who pay unlicensed individuals for real estate services.